What the Social Media Marketing Shift Means to Your Business
October 7, 2020 | Maven Marketing Group
Social Media Marketing is making strides to make ads as we know it a thing of the past. 92% of consumers trust peer to peer recommendations over regular advertisements when making a purchase. Companies that seize this new marketing opportunity have an edge on their competitors and are more likely to convert on sales with the consumers they reach.
According to the HubSpot graphic shown below, the Influencer Marketing industry is roughly worth 8.08 billion dollars annually. That number is steadily climbing and could be worth double in the next couple years.
The broken-down distribution of sponsored posts on social media are as follows: 25% of sponsored posts are for fashion, 12% for food, 11% entertainment, and 7% is beauty the rest is miscellaneous from travel to automotive. Influencer Marketing has allowed the fashion industry to grow at a rapid rate and has the most traction. 39% of all Instagram accounts with over 15,000 followers are active influencers the rest are brands, channels, or fan accounts according to HubSpot.
Why is this important?
Think of your company as being a part of a piece of a pie. Social Media Marketing allows you to increase the size of your slice of the pie; creating more opportunities for your company to grow. Companies that make the shift to Social Media Marketing have a stern advantage over businesses that fail to answer the bell.
Where do you start?
There are multiple avenues to a successful social media marketing campaign. First, have a vague idea of what you want to promote and what you are willing to spend on the campaign. Second, start reaching out to “Micro Influencers”. These are influencers with 100,000 followers or less. Micro Influencers have a large enough social following where your brand will be seen by many eyes and it won’t hurt your pocketbook. Lastly, create a campaign that the influencer can easily promote to their followers. Social Media Marketing is very effective however, the process is time consuming and forming relationships with influencers can be tough. Don’t Worry! There are services ready and available for you to make this process seamless.
The national average cost for social media marketing a month can range anywhere from $399-$5000. Companies like Maven Marketing Group can provide you with a plan that fits your budget and needs.
The Influencer Marketing space can increase your company’s reach to new levels. In return, this will accelerate your company’s growth, and sales numbers overall. Navigating the world of influencer marketing can be difficult, but with the right team behind your business, your success in the space will be unmatched.